9911796707
TMI Blog2019 (10) TMI 455X X X X Extracts X X X X X X X X Extracts X X X X ..... any bearing on the CIRP initiated under the Code unless the title of the property of the Corporate Debtor has been fully conveyed either to the Financial Creditor or to the third party as stated under the SARFAESI Act, though part consideration has been passed between the parties, it will not become an impediment to the RP to take the custody and control of the assets as contemplated under Sec.25 (2) of the IBC. It is directed to deliver the possession and custodial control over the asset of the Corporate Debtor to the RP within 10 days hereof - application allowed. Production of the records of the Corporate Debtor from the erstwhile Directors - HELD THAT:- The RP is unable to trace out records of the Corporate Debtor from the Suspen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to have entered into an Assignment Agreement and Custodian Agreement with the Financial Creditor (R6) for taking the custody of the aforementioned asset of the Corporate Debtor on payment of ₹ 2.16 Crores as part consideration against full consideration of ₹ 3.8 Crores as per the Assignment Agreement. 2. Now as per the Code, since the asset aforementioned still admittedly continuing as the asset of the Corporate Debtor without any change to the title of it, for the RP shall take custody of the asset as mentioned in Section 25 (2) of the Code, the RP has filed this MA u/s. 19(2) of the Code seeking immediate custody and control of the asset aforementioned from R5, with whom it is lying. 3. By seeing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken by R6 and then by R5, as the asset was taken over by R6 in the year 2015 itself, the counsel of them says, that the erstwhile directors already donated their shares to a Trust, therefore, they have no documents with them to provide to the RP. 7. As against this submission, the RP counsel has stated that though the Suspended Directors not filing their Annual Returns, Financial Statement with the RoC since long, they have been filing Income Tax Returns, GST Returns and maintaining Bank Accounts till Jan.' 2019 reflecting R1 as signatory of the Bank Accounts, for having R1 filing GST Returns and maintaining Bank Accounts, these Respondents now could not say that they are ignorant of the affairs and records of the Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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